The migration to EMV has been difficult for many businesses and consumers. On the business side it has ranged from purchasing new equipment, and training employees and customers. On the consumer side, you may have received a new card, had to update all your payment data, had to learn how to use the chip, then been confused when the next store you go to doesn’t accept chip. No to mention the many people who are frustrated with the increased interaction and wait time. With all of this hassle, it begs the question, was it all worth it? For U.S. banks and businesses, the answer is Yes. The amount of card present fraud (meaning a person attempting to make a purchase with a copied or stolen credit card at a retail location) has declined significantly.
The problem is that this has caused fraudsters to move online. According to a report by Javelin Strategy and Research the frequency of credit card fraud committed online and through phone orders has increased around 40% from 2015 to 2016. If you’re an eCommerce business, this means you may need to step up your payment security and verification process. This can include Address Verification (AVS), Utilizing Card Verification codes (CVV), as well as using a gateway or shopping cart that includes secure options such as Visa Checkout and Mastercard Masterpass.
If you are interested in learning more about how to protect your business whether in store or online contact us by email at [email protected], or give us a call at 1-800-644-3909.
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